I was diagnosed with a terminal illness, given 1 year to live and received a lump sum tpd payout, tax free due to terminal illness clause. I then closed my super account. Since diagnosis and treatment i have found myself in a place where I could return to work casually to help pass the time. Can I open a new super account or will I have issues with ATO? Will i have to repay the money?
Hi @Taxina,
I'm really sorry to hear about your situation.
Yes, you're allowed to open new super account if you want to work casually. There shouldn't be any issues with opening a new account.
No, you don't need to repay the TPD payout you received due to the terminal illness.
Your ability or decision to return to work casually does not generally affect the tax status of the lump sum already received.
Hi @Taxina,
I'm really sorry to hear about your situation.
Yes, you're allowed to open new super account if you want to work casually. There shouldn't be any issues with opening a new account.
No, you don't need to repay the TPD payout you received due to the terminal illness.
Your ability or decision to return to work casually does not generally affect the tax status of the lump sum already received.
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